When I am out of college and have a job, what percent of my monthly income should be spent on paying rent?

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Posted by Michael Drougas (MONEY FORUMS: 4, Answers: 0)
Asked on April 25, 2016 7:36 pm
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The traditional rule of thumb is 30% of your take home pay. I tend to think 20-25% is a more safe number depending on where you live, the debt you carry (if any), and the line of work you’re in. Just remember that you don’t need an amazing bachelor/bachelorette pad or to even live in the best neighborhoods. If getting a smaller place in a less-cool neighborhood saves you 5-10% of rent, it’s so worth it!

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Posted by Michelle Diamond (MONEY FORUMS: 0, Answers: 26)
Answered: April 25, 2016 11:27 pm